Refer to the above data. If the consumer's money income were cut from $52 to $28, she would maximize her satisfaction by purchasing:
A) 3 units of J and 3 units of K.
B) 1 unit of J and 3 units of K.
C) 4 units of J and 1 unit of K.
D) 2 units of J and 3 units of K.
Ans: D) 2 units of J and 3 units of K.
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In the event of deflation, or negative inflation, then
a. real GDP is always lower than nominal GDP. b. real GDP is always lower than nominal GDP after the base year. c. real GDP is always lower than nominal GDP. d. real GDP is always higher than nominal GDP before the base year. e. None of the above
Will future generations have to deal with the national debt?
When drawing a demand curve,
a. demand is measured along the vertical axis, and price is measured along the horizontal axis. b. quantity demanded is measured along the vertical axis, and price is measured along the horizontal axis. c. price is measured along the vertical axis, and demand is measured along the horizontal axis. d. price is measured along the vertical axis, and quantity demanded is measured along the horizontal axis.
The costs of economic growth include all of the following except consumption sacrificed for:
A. acquiring new human capital. B. research and development into new technologies. C. additional hours of leisure. D. physical capital formation.